The first stage: 1990 to 2000, China adopted the administrative examination and approval system for stock issuance, during which a large number of state-owned enterprises completed listing financing through restructuring.
The second stage: from March, 20001year to May, 2002, is the examination and approval system. The listing of the company is guided by brokers and audited by the issuance and examination committee of the CSRC. Many enterprises have achieved the goal of listing through various forms of research. After the listing of enterprises, the brokers responsible for recommendation are no longer responsible, so the performance of many enterprises immediately changed after listing.
The third stage: inquiry system. A company that issues shares for the first time (hereinafter referred to as the issuer) and its sponsor institution shall determine the issue price through inquiry from institutional investors, and the inquiry shall be made by cumulative bidding. When the issuer and its sponsor disclose the issue price and price-earnings ratio, the calculation of earnings per share shall be carried out in accordance with relevant regulations.
Specifically, it can be divided into the following stages:
In the first stage, from the establishment of the securities market to the end of 1993, the pilot program of public offering of shares was rapidly extended from Shanghai and Shenzhen to the whole country. In order to alleviate the shortage of shares, the IPO adopts a subscription application form similar to warrants, and the placing target is determined by lottery. However, there are some problems in this way of selling watches, such as low winning rate, too much waste of manpower and material resources and too high distribution cost.
In the second stage, from 1994 to the first half of 1999, especially from 1996 to the first half of 1999, the IPO climax appeared in the primary market. There are many forms of issuance, such as online pricing, full advance payment, proportional placement, immediate refund of balance, balance transfer linked to savings deposits, etc. During this period, the issuance methods are constantly innovating, but overall, the issuance pricing methods are basically administrative pricing, and the price-earnings ratio of new shares is basically limited to 13- 16 times.
In the third stage, from the second half of 1999 to the first half of 200 1 2000, the market-oriented reform of IPO took important steps. During this period, the new share issuance gradually adopts the methods of "cumulative bidding within the range", "fixed total amount, uncertain circulation, and only the reserve price without upper limit", and the P/E ratio of new share issuance is steadily pushed up with the online stock market. The P/E ratio of IPO in 2000 was 88.69 times that of Mindong Electric Power, which was the highest in history. It should be pointed out that although the market-oriented IPO pricing has suppressed the speculation of some stocks to a certain extent, it has not achieved the expected results.
In the fourth stage, from the second half of 20001to May 2002, the new shares were basically issued by interval cumulative bidding inquiry, and the upper limit of inquiry was issued according to strict P/E ratio. Recently, IPO P/E ratio is limited to 20 times. However, this practice of artificially limiting the price-earnings ratio regardless of the development prospects of the industry and listed companies has caused serious underpricing of some new shares, which is bound to attract more funds to intervene in the primary market operation.
In May, 2002, China Securities Regulatory Commission issued the Supplementary Notice on Issues Concerning the Placement of New Shares to Investors in the Secondary Market, which further improved the contents of the Notice on Issues Concerning the Placement of New Shares to Investors in the Secondary Market issued by China Securities Regulatory Commission in February, 2000, and decided to resume the placement of new shares in the secondary market at market value, and the proportion of placement was determined to be between 50% and 65,438+000%.
In the fifth stage, on the evening of August 30, 2004, China Securities Regulatory Commission issued the Notice on Several Issues Concerning the Trial Inquiry System for Initial Public Offerings (Draft for Comment). According to the notice, the IPO will be changed to the inquiry system of institutional investors, and the IPO price will be determined by the market. The CSRC also stressed that all new shares will be suspended before the new issuance method is officially announced.
On September 17, 2006, the CSRC issued the Measures for the Administration of Securities Issuance and Underwriting, which standardized the inquiry, pricing and stock placement of initial public offerings and improved the existing inquiry system. Article 32 stipulates that if the initial public offering of shares reaches a certain scale, the issuer and its lead underwriter shall establish a callback mechanism between offline placement and online issuance, and adjust the proportion of offline placement and online issuance according to the subscription situation. According to the above management measures, when issuing large-cap stocks, if the subscription multiple of public investors exceeds a certain standard, the relevant parties will redistribute some shares allocated to institutions offline to online public investors, thus improving the winning rate of public investors. This means that the opportunities for small and medium investors to buy hot new shares have increased. The above management measures attach great importance to protecting the interests of small and medium-sized investors in the system design, and strive to ensure that when issuing stocks, both the issue price in the primary market and the transaction price in the secondary market should be considered; It is necessary to allocate shares to institutional investors, introduce long-term funds, reasonably determine prices, prevent excessive speculation, and take care of the enthusiasm of small and medium-sized investors.
Four aspects of adjustment and supplement of IPO inquiry;
First, for companies listed on the SME board of Shenzhen Stock Exchange, it is stipulated that they can be directly priced through preliminary inquiry. Companies listed on the main board market must go through two stages: initial inquiry and cumulative bidding inquiry, and it is no longer mandatory for all companies to go through two inquiry stages.
Second, gradually adjust the current mechanism of offline cumulative bidding and online subscription, and stipulate that offline subscription and online subscription are carried out at the same time.
Third, it is stipulated that all inquiry objects can choose whether to participate in the preliminary inquiry independently, and the lead underwriter shall not refuse the inquiry objects to participate in the preliminary inquiry; Only the inquiry objects who participate in the preliminary inquiry can participate in the offline subscription.
Fourth, if IPO companies are required to issue more than 400 million shares, they can place shares with strategic investors and adopt the mechanism of "over-allotment option (green shoes)"